Japan trade balance for November shows a larger than expected deficit

Japan trade balance for November -954.8bn yen

• expected Y -675bn, prior Y -68.5bn

Trade balance adjusted -486.8bn yen

• expected Y -531.1bn, prior Y -444.7bn

Exports missed at +20.5% y/y

• expected 21.2% y/y, prior 9.4%

Imports though were larger than was expected at +43.8% y/y

• expected 40.0% y/y, prior 26.7%

USD/JPY barely responding, circa 114.15 having caught a bid on the Federal Open Market Committee on Wednesday (faster taper, sooner rate hikes).